Cryptocurrency has started its bullish run once again. Looking at LTC for the spot trade, we will only be looking for bullish positions. At the support level, we will be looking for buy positions. Market has started forming HH’s and HL’s. This means, we have started a bullish cycle for the crypto once again. The resistance at the level of 300 will be profit-taking target.

The descending trendline has been broken for the breakout buys. The candles have been validated by opening and closing above the trendline. After the trendline, the market has to retrace. The trendline breakout buys had reflected a continuous bullish momemtum.

The 75-78.6% retracement level is in confluence with the support. The price of the retracement level is at 180. If market tests this level, we will see a confluence with the support level for the continuation up.

EMA 50 has had a bullish breakout and impends a retest, and EMA 200 is also bullish. In EMA, we have a bullish death cross. At the support level drawn on the charts, we will see EMA 50 retest. This retest would add another factor of our technical to go long.

Both the oscillators are in a bullish region, hovering around the neutral levels. RSI at 58, and CCI at 100. With this current scenario on the oscillators, we need to wait for the them to be neutralized at their break even levels. Those areas would determine a good strength for the market to go long.

For LTC, we need to wait for the market to retrace back in order to form a retracing structure at the support. This will be our long position. If market breaks the support, we will immediately take the loss and get out.

Adding a position on LITECOIN

Dec 12 2021

1